UBS Equities Chiefs Resign in Wake of Scandal

UBS announced the departure of its co-heads of Global Equities, making them the latest senior officials at the Swiss bank to fall on their swords as result of a massive trading loss last month.

Carsten Kengeter, CEO UBS Investment Bank, accepted the resignations of Francois Gouws and Yassine Bouhara, co-heads of Global Equities, following the recently announced unauthorized trading incident. UBS said their “resignations come as they assume overall responsibility for the effective management of the Equities business.” They will be succeeded by Mike Stewart, the former head of Bank of America Merrill Lynch’s Global Equities division.

On Sept. 15, UBS disclosed that a London-based trader at its investment bank had lost $2.3 billion through unauthorized trades.